Back at the end of January, Elon Musk saw his $56 billion compensation package voided by a Delaware judge following a lawsuit from a shareholder. A judge with interesting connections, as we wrote about here.
Elon Musk suffered one of the biggest legal losses in US history this week when the Tesla CEO was stripped of his $56 billion pay package in a case brought by an unlikely opponent, a former heavy metal drummer https://t.co/45lSoHMAgv pic.twitter.com/nVdhC5LO0G
— Reuters (@Reuters) February 1, 2024
At the time, Reuters reported:
A Delaware judge tossed out Elon Musk's record-breaking $56 billion Tesla (TSLA.O), opens new tab pay package on Tuesday, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders.Shares of Tesla dropped about 2% in premarket trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time.
After the ruling, Musk planned to move business from Delaware to Texas.
And now we find out how much the lawyers who voided the pay package are demanding. And it's a steep price tag:
The lawyers who voided Elon Musk's $56 billion compensation are seeking a record legal fee worth $6 billion. pic.twitter.com/2ApEr6h65T
— DogeDesigner (@cb_doge) March 2, 2024
$6 billion.
WILMINGTON, Delaware, March 1 (Reuters) - The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock."We recognize that the requested fee is unprecedented in terms of absolute size," the three law firms said in a filing with the Court of Chancery in Delaware.The fee works out to an hourly rate of $288,888, they said.
That seems excessive too, no?
Musk expressed his displeasure on Twitter:
The lawyers who did nothing but damage Tesla want $6 billion. Criminal. https://t.co/JI6eQPTxQ2
— Elon Musk (@elonmusk) March 2, 2024
Criminal sure seems like a fair assessment.
I should become a lawyer. That way I can too charge SEVERAL HUNDRED THOUSAND PER HOUR to file frivolous lawsuits.
— Nick Sortor (@nicksortor) March 2, 2024
We're definitely in the wrong line of work.
Even at insane lawyer rates how the heck do they get to $6 billion?
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) March 2, 2024
Magic lawyer math.
This is what lawfare looks like. They will never stop as long as you let narratives they oppose to continue to be voiced on this (your) platform.
— Ian McKelvey (@ian_mckelvey) March 2, 2024
Musk has certainly ruffled the feathers of all the right people, and they hate him for it. It's absolutely lawfare.
lol what? Even at $10,000 an hour they would have had to work 600,000 hours
— Lark Davis (@TheCryptoLark) March 2, 2024
The math just doesn't add up, does it?
I also want $6B.
— James Cat (@TSLAFanMtl) March 2, 2024
So do we.
Theory: the Democrats knew Musk would take that $55 billion payday and use it to buy a controlling interest in Disney, so they got to the judge. https://t.co/mxhkYhbIvN
— brian t muldoon (@brian_t_muldoon) March 2, 2024
A very plausible theory.
I hope @elonmusk hires the best attorneys he can find goes after them and drains them from every nickel they have https://t.co/fFdPiVahxr
— Ants-In-A-Jar (@nonzmon) March 2, 2024
This is the way.
Civil RICO will cure this shakedown. https://t.co/3kSWKKwsIp
— Freedom First USA (@Tomfreeusa) March 2, 2024
We're not lawyers, but we'd hope this is possible.
The Delaware chancery had better find this to be obscene, too. https://t.co/Z8mwTs99zd
— Dennis Kneale (@denniskneale) March 2, 2024
For some reason, we suspect they won't.
Can't imagine why.
To those lawyers: https://t.co/JdG3LI9Wp8 pic.twitter.com/3LJB3F1tOW
— Lee (@FindTheStorm) March 2, 2024
Yep.
Another country with plentiful energy and raw materials ought to offer our John Galt a generous deal to relocate Tesla and SpaceX there. https://t.co/J0yzLgGwas
— David Pinsen (@dpinsen) March 2, 2024
No such place exists, alas.
Under Communism no one create much of anything, it's all corruption and injustice https://t.co/dqY0mjgolH
— FBI Crimes (@Mag48_FBICrimes) March 2, 2024
So they have to destroy those who do create things.
In the name of 'fairness', and all that.
Lawyers who once argued Elon Musk's compensation was too high now want the hefty sum of $6B for themselves.
— Egide Simba (@egidesimba) March 2, 2024
Oh the irony…make it make sense 🙃😂 https://t.co/tlzrSjiVW9
We can't. It defies logic and reason.
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